The U.S. still leads in global petroleum production & consumption

illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below

🗞️ Driving the news: The 2023 Statistical Review of World Energy by the Energy Institute provided detailed insights into global petroleum production and consumption. U.S. continued to lead as the world's top oil producer and consumer

🔭 The context: The Review categorizes oil production into crude oil, lease condensate, NGLs, and oil sands
• Global consumption trends saw the U.S. remain the top consumer, with Mexico jumping into the Top 10 and China as the only country reporting a decrease in consumption

🌎 Why does it matter for the planet: The increase in oil production and consumption indicates the recovering energy landscape, shedding a light on global economic recovery and potential policy implications

⏭️ What's next: The patterns and data presented in the review are crucial for understanding global energy dynamics and will likely influence future energy policies, economic decisions, and environmental considerations

📈 One stat: The Review reported 2022 global oil production of 93.8 million barrels per day (bpd), 3.8 million bpd higher than 2021 production
• Specifically, Brent crude prices averaged $101.32 per barrel in 2022, and West Texas Intermediate (WTI) averaged $94.58: both prices were about 40% above the 2021 average

Click for more news covering the latest on oil & gas